CHAIRMAN'S LETTER

Dear Shareholders,

the year 2017 confirmed, once again, Moncler’s strength and solidity. The Group achieved revenues above internal and external expectations including those of the financial community, confirming Moncler’s successful strategy. The Group posted revenues of 1.2 billion euros (+17% at constant exchange rates). Our operating profitability (EBITDA) improved further to 34.5% of revenues, net profit was up by 27%, and we also have more than 300 million euros in net cash. But that’s not all. The year 2017 was also an exceptional year in terms of high-quality results achieved. The Group is continuously committed to consolidate its customer centric culture and a 360-degree approach significantly improving customer interaction and loyalty. We have also worked on our store concept, opening major flagship stores including Milan Montenapoleone and Hong Kong Canton Road. We have improved the quality of our wholesale network worldwide and further developed Moncler’s global digital presence.

All has been done while remaining faithful to our unique heritage and maintaining a high level of control of the business.
But my, our, commitment is to keep looking ahead being able to think of the company of tomorrow, and continue to make Moncler stronger and stronger.
Today the market is changing profoundly and even more quickly than in the past. This is the reason why my team and I recently began to think ‘out-of-the-box’ in order to face these important changes proactively, while strengthening more and more the Brand. This period of careful reflection has resulted in the genesis of a new project, which is not only a new creative path, but also a brand new communication and organisation project: Moncler Genius.
Creativity is our energy, multiplicity is our strength, truthfulness is our credo, change is what drives us forward. Moncler is continuing to explore the surrounding spirit of its uniqueness, and it aims to do so by engaging with an increasingly wider customer base.

After fifteen years since I took charge of Moncler, we decided to close a fundamental and important chapter of our recent history, to be able to start a new one, even more exciting and challenging.
None of this would have been possible without the advice and support of an exceptional and unique team of people here at Moncler. I would like to take the opportunity to thank each of our 3500 employees who devote their profound dedication, humility, talent, energy and passion to Moncler every day. And I thank our stakeholders, who support us in delivering on our commitments.
A new climb has just begun, and I believe that over the years we have built a determined and passionate Group that is now ready to reach even higher summits.

REMO RUFFINI

CHAIRMAN AND CHIEF EXECUTIVE OFFICER